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The US Federal Reserve’s (Fed) 50 basis point interest rate cut created a positive atmosphere in the markets and pushed the price of Bitcoin above $63,000. At the same time, US stock markets also opened with an increase. In particular, significant increases were seen in the shares of cryptocurrency-focused companies; crypto stocks such as Coinbase, MicroStrategy, RIOT and Marathon made significant gains. MicroStrategy and Coinbase shares increased by 7%, while RIOT and Marathon increased by 4%.
While the Fed’s interest rate cut provided temporary relief to the markets, Citi analysts predict that another 50 basis point cut could come in November if the slowdown in the labor market continues. A 25 basis point cut is expected in December, meaning that 2024 will end with a total interest rate cut of 125 basis points.
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However, the dollar index’s brief rises sent Bitcoin retreating to $62,700 and some stocks losing value. Still, the Fed’s rate cuts continue to create a positive atmosphere in the markets overall.
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